The ultimate guide

to hotel revenue
management
Contents
What is Revenue Management? 3 More Hotel Revenue Management Tactics 17

6 Revenue Management Strategies 7 Marketing 17

Managing Online Reviews 17

01. Practicing Dynamic Pricing 8
Upsells in Revenue Management 18
02. Setting Stay Restrictions 10
Managing RoomType Differentials 18
03. Managing Booking Channels 11
Managing AncillaryRevenues 18
04. Overselling 13

05. Managing Groups & Corporate Business 14 Revenue Management Systems 19

06. Using Revenue Management Technology 15 How Does Modern RMS Work? 19

Key Features to Look For in an RMS Software 22

Revenue Management 101 Infographic 16
The Cloudbeds Pricing Intelligence Engine (PIE) 24
What if we told you there
was a relatively simple way
What is Revenue Management?
to increase your top-line
revenue by 20-30%? Would At the basic level, revenue management is the strategic use of performance
you believe it? Believe it data, local market data, competitor rates, and other applied analytics to help
or not, only a very small predict consumer demand in order to optimize pricing and distribution in a way
that maximizes revenue and profits.
percentage of hospitality
operators use revenue
management strategies
and are potentially robbing
In this series, we will uncover revenue management strategies that are designed to help
themselves of their own
you realize optimal revenues and gross operating profit for capacity-constrained and
revenue potential. perishable assets (rooms, in our case). If implemented correctly, a 50-room property
can see an increase of $100,000 – $200,000 each year.

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What revenue management is not
It might be easy to believe that good revenue management is about simply following
your competitors’ rates (comp set), chasing after occupancy and revenue growth, or
accepting every piece of group business that comes your way. While benchmarking
your competitive set and managing occupancy is part of revenue management,
mindlessly following these particular behaviors can actually hurt your business. That is
because you also need to account for:

• Specifics of your property (location, value proposition, etc.)

• Your booking dynamics (pace and speed of sales)

• Future strength of demand

• Guest price expectations (market segments and your ideal guest profile)

To get the most revenue, you can’t just “set it and forget it.” Revenue managers are in
charge of planning and demand forecasting for the future (365 days out) and have to
be flexible enough to change their strategies if need be. This diligence helps prevent
problems such as having too many unsold rooms or selling out at a rate much lower
than it could have been.

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The difference between Indexes used in the revenue management science
yield management and
Let’s look at some metrics you should already be familiar with:
revenue management
Yield Management and Revenue
Management were pioneered by the
airline industry but they are not the
same. Revenue management is the
comprehensive strategy to grow a
hotel’s overall revenue, whereas yield Occupancy and Average Daily Rate (ADR) are often used as a shorthand way of measuring the success of
management focuses on maximizing a property, but these KPIs alone are a poor measure of the sales volumes they generate.
profit for a specific asset at a specific
time, e.g. hotel room revenue in the
high season. RevPAR: A better measurement
Think of Yield management as the
strategy to sell a room at the right A better measurement that takes into account the relationship between these figures is RevPAR (revenue
price to the right guest at the right per available room). This metric is useful for measuring the hotel’s productivity and for comparing
time. Think of revenue management properties inside of a market – it is a more accurate view of hotel performance as it combines both
as the larger strategy that makes use occupancy and ADR into one statistic.
of data analysis to make accurate
forecasts for overall profits.

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The difference between TRevPAR: Measure total performance
yield management and
TRevPAR (total revenue per available room) has been gaining recognition as an important measure
revenue management
of success for lodging businesses in the hospitality industry. Why? Because unlike RevPAR, ADR, and
(cont.) Occupancy, TRevPAR measures total revenue performance for the entire property, not just rooms.

GOPPAR: A simple measure of profit per room

GOPPAR (gross operating profit per available room) accounts for total hotel revenue and operating costs
to measure a property’s operating profit. By dividing total profit by the available guestrooms on property,
GOPPAR provides a simple, holistic measure of profit breakdown per room.

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 6 Revenue Management Strategies

01. Practicing 02. Setting Stay 03. Managing

Dynamic Pricing Restrictions Booking Channels

04. Overselling 05. Managing 06. Using Revenue

Groups & Corporate Management
Business Technology

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01. Practicing dynamic pricing
Now that we’ve walked through a high-level overview of what What is dynamic pricing?
revenue management means for independent hotels and why it is
so important, we can jump into the first of six actionable strategies Dynamic Pricing in revenue management is simple: a hotel room (or
you can get started on today to maximize profit. a hostel bed) should be priced based on supply and demand (your
equilibrium price). In general, room rates should be increased when
In your daily practice, start with a dynamic pricing strategy and demand exceeds supply (to capitalize on ADR) and lowered when demand
proceed to the next strategy as you become more comfortable is weak (to increase occupancy).
with the routine.
Now, it’s time to get out of your comfort zone. Think about the next 365 days,
and chart out your property’s approximate demand. It’s important that
you proactively think about what the demand will be because this reflects
different levels of revenue potential.

To start you can do things like track repeat events in your area or measure
different highs and lows in occupancy based on your specific location’s
seasonality. Ask yourself: do you get more guests in summer or winter? Are
there conventions in your area that bring in business travelers during the
week? Do you have family-friendly activities over the weekends? You can use
your local visitors’ bureau as a way to see which events are promoted.

In the end, just go for it, your predictions are probably more accurate than
you might expect. Don’t fret if you aren’t sure, your predictions and ability to
estimate demand will get better over time and you can always adjust your
decisions later. The important part is that you must start somewhere.

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What is dynamic pricing? (cont.)
The next part is more fun, take your anticipated demand and use it to adjust your daily rate.
Note that this exercise is not about maximizing occupancy. That’s because the ultimate goal of
any Revenue Manager should not be increasing your occupancy, but rather maximizing your
profits, the bottom line. If you’re losing more in your ADR by chasing occupancy growth – this
means you’re leaving money on the table because this ultimately drives your profits down. For
more info, check how you can automate your dynamic pricing with Cloudbeds PIE.

Believe it or not, some revenue managers update their pricing daily – even hourly. How much
time you invest should be based on the size of the opportunity. Regardless of your size, you
should revisit your pricing decisions and occupancy estimates regularly (preferably daily).
Demand constantly fluctuates, and so should your prices. You need to be flexible enough to be
able to adapt to the ever-changing market conditions and react accordingly, by updating your
prices on a regular basis.

A little bit of research and knowledge of upcoming events and your market trends will help your
estimates become even better and enable you to reach your revenue potential. It also doesn’t
hurt to keep tabs on competitor pricing – this can help you better predict demand and give
you an edge when deciding how you are adjusting your price.

There are tools available that can help you with making dynamic pricing choices.
For example, Cloudbeds’ Pricing Intelligence Engine (PIE) gathers and displays competitive
data. With competitive intelligence and an all-in-one dashboard, PIE can streamline
complicated pricing decisions.

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02. Setting stay restrictions
In addition to establishing Dynamic Pricing, there are a few other non-pricing methods you can use to increase revenue
and profits. One such method is setting stay restrictions and controls, which helps you maximize revenue potential through
managing busy peak days and adjoining shoulder days. The two main restrictions used in the hotel industry are:

Minimum length of stay (MinLOS) Closed to arrival (CTA)

This restrictor requires that a reservation is made for at This restriction keeps guests from arriving on a specified date. You’ll use CTA in two cases:
least a specified number of consecutive nights. It allows
you to develop a relatively even occupancy pattern during 1. To limit the number of arrivals on a given day (to reduce the burden on your front desk, for
high-demand periods or special events. Specifically, example, in preparation for a large group arrival).
the minimum length of stay restriction helps keep an 2. In conjunction with MinLOS restrictions, to achieve even occupancy during peak demand
occupancy peak on one day from reducing occupancy on dates that are longer than 1 night.
shoulder dates.
In general, stay restrictions allow hotels to filter less profitable clients during peak demand
MinLOS can also be applied with discount rates. For seasons, thus increasing the resulting room revenue. It is important to note that these
example, guests may have to pay rack rates for shorter restrictions should only be used when estimated sales flow is sufficient enough to achieve a
stays but they can enjoy a discount on longer stays. high occupancy rate without the loss of revenue.

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03. Managing booking channels
Hospitality operators work with various booking channels as part of their distribution strategy, including direct bookings, walk-ins, online
travel sites, travel agents, opaque channels, corporate contracts, and others. The purpose of booking channel management is to maximize
your revenue by restricting certain distribution channels with different profitability margins at different times.

The concept How it works

Different distribution channels are Booking channels are represented in a hotel’s Property Management System
configured into a small number (PMS) or Channel Manager software through Rate Plans. Many of these rate
of groups, each managed plans are manageable (i.e. can be closed or opened at a specific point
simultaneously. As in the case of high in time for a specific date range). For effective Revenue Management, it is
demand, it may be beneficial for you important to have a full list of all rate plans with corresponding margins and
to close less profitable distribution discounts off of rack (also known as ‘the BAR rate’ or ‘Base rate’) and then
channels in order to maximize the to group them into 3 or 4 categories based on their profitability level (or,
resulting yield. This will slow down their “proximity” to rack rate). After that, manage these by closing the more
your property’s booking pace but will expensive (and least profitable) channels when demand and booking pace
increase the resulting room revenue is high. Then sit back and watch your ADR go up during the high demand
via the ADR growth. periods, which leads to a proportional increase in your profits.

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Example

Let me give you an example of effective channel management to channels to the most expensive and least profitable):
illustrate how this works:
When this exercise is done, simply start managing your channels by
Let’s imagine that a hotel has 6 different rate plans (this is closing groups #3 and #2 for those dates where you can sell your rooms
simplified for the sake of the example, as we know in actuality via group #1 alone, without having to offer deeper discounts. I.e., if your
this number can go up to 20-30 or even 50 in some cases). The weekends always sell out, you may try to restrict group #3 from booking
rate plans are: RACK, AAA (5% off Rack), Advanced Purchase (AP) those dates and see how this affects your occupancy and resulting ADR.
(15% off Rack promo), OTA (20% off Rack), OPAQUE (30% off Rack), For higher demand dates (special events) you can close groups #3 and
LASTMIN (35% off Rack). #2 altogether. Group #1 will always remain open.

Looking at these rate codes, one can see they’re not equal in the Make sure to check back periodically for cases when the channels need
size of the contribution to the bottom line profits. With that in mind, to be reopened if real demand turns out to be slower than anticipated.
let’s group these plans into 3 different categories, based on their
There’s one more thing to keep in mind as you open and close these
profitability level (from the least expensive and most profitable
various booking channels. In some cases, you may be unwilling to
close a particular rate code, due to contracts with different companies
that require Last Room Availability, or brand policies, etc. Place those
in category #1, which is not closeable. Everything else should be
split among your other categories, according to profit margins, and
RATE PLANS RATE PLANS RATE PLANS managed as described above.
Group 1 Group 2 Group 3
Rack $139 AP $119 OPAQUE $99
AAA $132 OTA $111 LASTMIN $90

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04. Overselling
Overselling (or overbooking) is a technique used in revenue strategy to offset
future cancellations and no-shows. In other words, if you expect 2 cancellations
and 1 no-show, you oversell by 3. That’s the optimal strategy for maximizing
your revenue.

Still, even as simple as this idea is, not very many hoteliers wholeheartedly
embrace this practice. In fact, it’s very common for most managers (especially
at smaller properties) to close out availability on all channels even before they
reach the 100% occupancy mark for a certain day. In most cases, this decision
is driven by the fear of having to walk a guest.

However, when overbooking practices are correctly implemented, the chance

of having to walk a guest will be minimized while leading to a noticeable
increase in revenue (as well as profits). One doesn’t need to have a lot of
Revenue Management experience or knowledge to be able to achieve this goal.

A good overbooking strategy based on data analysis is a proven

revenue management practice in the hospitality and travel industry.

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05. Managing groups & corporate business

“Managing group and corporate business” means assessing the

profitability of these booking channels and managing them to
maximize revenue and bottom-line profit for your hotel.

To make the right choices, when deciding to accept or reject a group By performing a displacement analysis you may discover that, in order to
business opportunity, we need to run through an exercise called improve profitability, sometimes it’s necessary to limit (or decline) a group
displacement analysis. We do this by comparing two alternatives. business opportunity for one of the following reasons:
The first alternative is the potential of generating revenue from a
group request or a corporate contract (which immediately benefits 1. Your transient booking channels don’t anticipate the deep discounts that
your hospitality business by adding revenue through room nights are normally offered to groups, resulting in a higher ADR.
sold at a specific negotiated price, plus expected additional
2. You free yourself from the risk of having a large number of rooms canceled
revenues generated from other departments). The second
(even if you set strict group cancellation rules, this risk still exists).
alternative is revenue generated from expected sales of the same
amount of rooms to transient business (potentially, at a higher Due to these reasons, every group or corporate request needs to be
price) that this group/corporate contract would be displacing. You analyzed in order to assess its revenue potential against the displacement of
can determine the breakeven price to be quoted to a group or a expected transient business.
corporate contract by finding the point where the potential revenue
from both alternatives is equal, which means that the hotel won’t be
at a loss by accepting the contract.

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06. Using revenue management technology

Large hotels traditionally use a revenue manager to handle all What should you look for in a revenue management tool?
of these strategies for them. What does a revenue manager do? Here are a few must-have features:
They gather and analyze all of the data necessary to make the
best pricing decisions to maximize profits. For smaller, independent • It integrates with your property management system to ensure seamless
properties – that’s easier said than done. Many small properties data flow between the two systems
don’t have the budget to maintain a full-time revenue manager on • It makes automatic pricing and stay restrictions changes for you
staff. With the basics covered in this guide, you can start managing
• It provides relevant and detailed data about the market and lets you set
your revenue on your own – but there’s a better and reasonably
alerts to track the competition’s pricing
affordable way to take control of your revenue management.
This is where revenue management technology comes into play.

Revenue management software has been a game-changer for

independent properties because it manages your revenue for you,
letting you focus on making your guest experience seamless.

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Revenue management
101 infographic
As a recap, here is an infographic of the six
strategies for managing revenue at your
independent property. Be sure to keep reading
below to learn a few secondary revenue
management tactics to help support your
primary efforts.

Effectively managing rates and availability

while keeping an eye on all the different
key performance indicators is an art. Follow
these six strategies for success.

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More hotel revenue Marketing Managing online reviews

management tactics Marketing is a separate discipline, and

larger hotel brands and hotel management
TripAdvisor and a hotel’s Google Business Profile
are the leaders in the world of online travel
In addition to the direct revenue companies normally have a different position reviews. However, monitoring and responding
management strategies we’ve covered -or even a whole department- dedicated to the reviews posted on your website
so far, there are more practices you can to hotel marketing strategies. However, I feel (if applicable), all major OTA sites, and social
use to help support your main efforts. An obligated to list it here because marketing media accounts is also important.
independent, holistic audit of the hotel needs to go hand in hand with revenue
management, as timing, rates, and availability There are SEO benefits, too. Adding original
can really help bring forward areas where
will ultimately determine what campaigns you content to websites, such as reviews, is a great
revenue-generating improvements can be
run and when. way to draw more traffic to your website. Ensure
made. Below are additional tactics you can
that you implement a reputation management
use to boost your revenue.
One of the biggest goals of any hotelier is strategy to consistently monitor and respond to
to shift business away from the OTAs to the online reviews and use the comments to help
hotel’s direct sales channels (which, as we make improvements at your property.
know, happen to be the least expensive for the
hotel and thus the most profitable). The truth
is: this goal is hard to accomplish through
the use of revenue management techniques
alone. That’s why the marketing and sales
departments are the best resources for any
Revenue Manager trying to achieve more
direct bookings.

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Upsells in revenue
management Managing room type Managing ancillary revenues
differentials
Upselling is an effective way of increasing Many hotels have other revenue-generating
revenue. Make an active attempt to sell additional Monitor and analyze the booking pace of departments, in addition to rooms. If those
services or amenities at the front desk, on your different room types during different demand ancillary revenue venues are significant, it is
website, through email marketing campaigns, seasons and increase or decrease the also important to manage them to maximize
or via SMS, messenger, or WhatsApp. A booker difference in rates between them to maximize the overall profitability of the hotel. This
may be unaware of different prices, amenities, resulting revenue. sometimes may mean discounting or even
or extra services (airport pickup, local tours, etc). eliminating the costs associated with one
You can even upsell guests during the booking For example, during the summer season, department to increase the revenue from
process by using a booking engine that prompts 2-bedroom suites may be more popular if a another one, thus increasing the overall bottom
them to add upsells, add-ons, and promotions hotel attracts more family businesses, whereas line. For example, hoteliers can consider
while the guests are making their reservations corporate clients (single-bed users) may book offering free parking or a restaurant discount as
online. Employees should be trained to listen to more frequently during winter. Analyze your an incentive for booking a large group or offer
guests and make suggestions for appropriate booking patterns per room type before making a discounted room rate to encourage guests to
accommodation upsells. decisions on the room type differentials. spend more in the hotel’s casino.

There are various methods of upgrading: top- Cloudbeds’ Pricing Intelligence Engine (PIE)
down (mentioning the higher-priced option can help you manage room types individually
first), rate-category-alternatives (trying to upsell based on occupancy levels that are specific for
from a lower-rate category to a mid-rate one), those room types. PIE can help you tackle every
or bottom-up (mentioning the cheapest option opportunity to yield more revenue, including
first and introducing each following category helping you compare rates with competitors
in increments, such as, “For only $19 more…”) so you can make better pricing and
There are also software tools that help hoteliers distribution decisions.
maximize their revenue through proper upselling.

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Revenue
management How does modern revenue management
systems software work?
A modern revenue management system analyzes historical, competitor, and market data in real-time
As mentioned above, a revenue
using machine learning and algorithms to present lodging operators with pricing recommendations.
management system is one of the most
critical components of an effective revenue It collects internal, historical data via integration with your property management system (PMS) and
management strategy. Here we discuss channel manager, along with important external data that impacts demand, like seasonality, events,
how technology can help you streamline competitor rates, flight data, weather patterns, and the economy.
processes to save time, earn more revenue,
and make better business decisions.

What is a revenue management system?

A revenue management system is a
comprehensive tool designed to help hotels
manage various revenue tasks, including
data management, pricing, inventory, and
reporting. It uses a rules-based or analytics-
based pricing algorithm that factors in
internal and external data to recommend or
update pricing and stay restrictions.

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Why is a revenue management • Accurately report on critical metrics.
ADR, RevPAR, TRevPAR, GOPAR — these are
solution important to use?
just a few of the key financial metrics across
Technology is becoming increasingly important hotel businesses. An RMS can help you track
across the hotel industry — here’s why RMS, in these KPIs and provide suggestions for
particular, is a crucial tool for hoteliers to have. improving performance.

• Competitive pricing. • Do more with less.

Demand post-pandemic has reached all- Whether you have a dedicated revenue
time highs, and price is now one of the main manager or not, manually conducting
determining factors in a traveler’s purchase accurate forecasts and altering your pricing
decision. An RMS ensures you’re pricing strategies require a great deal of expertise
competitively without losing out on revenue and time. With an RMS, you can make more
opportunities. informed decisions fast.

• Rapidly changing market conditions.

Back in the day, hoteliers could update
rates on a weekly, monthly, or sometimes
yearly basis and be fine. Today, the market
is changing so rapidly that you need a
dedicated system to constantly monitor
market activities.

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8 benefits of an RMS 4. Expand the role of your revenue manager. 7. Improve the guest experience.
Give your revenue manager the time and Travelers want a fair price for their
Let’s break down the benefits of using a data needed for more strategic decision- room type and value hotels that are
revenue management system in the hospitality making. An RMS can help hotel owners and strategic about their pricing. In addition,
industry. revenue managers unlock insights that by streamlining tedious revenue
may have never been considered without management activities, your team
1. Complex calculations can be done quickly technology. will have more time to determine how
& accurately. RMS algorithms work around to increase revenue through ancillary
the clock to analyze data and market trends 5. Don’t have a revenue manager? services and value-added upsells.
based on real-time data. No worries. An RMS can be a lifesaver for
smaller, independent properties without 8. Automate operations.
2. Make informed pricing decisions. a dedicated revenue manager. Most RMS’ Labor shortages are at an all-time high,
Let’s face it — without an RMS there can present data in a simple, straightforward with more than 90% of hotels unable to
be times when we make pricing decisions fashion so that anyone on your team fill open positions. Revenue management
based on a “gut feeling.” While these might responsible for pricing hotel rooms can do is one area of operations that you can
work out sometimes, data-driven decisions so effectively. automate with an RMS to reduce the
will ensure consistent revenue streams workload on your team.
through optimal pricing. 6. Keep an eye on your competitors.
Your day is busy enough without worrying
3. Maximize revenue. about what the hotel next door is doing. An
Your bottom line relies on how well you price RMS provides insights into your competitive
your rooms. With an RMS you’ll never miss set to help guide any changes you may
out on the chance to optimize your room need to make at your property.
rates through automation and preset rules.

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Key features to look for in an RMS software
Various software solutions exist today, and your choice will depend on your property’s size, requirements, and budget.
Here are a few key features you should look for when researching revenue management systems.

Automated rules and alerts Rate comparison Forecasting and pricing

To minimize time spent in the system, look for functionality recommendations
an RMS that can support preset rules and alerts Based on factors like market demand,
Remaining rate parity is crucial as
so that you don’t have to check your data and historical data, and competitor pricing —
travelers frequent metasearch websites
update rates manually. Specific rules and alerts your RMS should be able to forecast and
to compare pricing across a hotel’s
can include (but aren’t limited to): provide pricing recommendations to ensure
distribution channels. Your RMS should
have rate comparison functionality that you always offer the right price at the right
• Compset-based alerts: get alerted anytime
allows you to view your rates across time. You should be able to assign the level
there is an important shift in pricing (i.e., be
your booking engine, online travel of control your RMS has in implementing
alerted every time your compset pricing
agency connections (OTAs), pricing decisions by setting rules where your
goes up by 10%)
and against competitors. price is automatically updated in certain
• Occupancy-based alerts: get alerted when instances, and in others, it must have your
it’s time to update your rates based on your permission.
occupancy (i.e., increase your rates when
your occupancy rises).

• Restriction-based rules: add restrictions that

stop you from receiving new reservations
(i.e., minimum length of stay).

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Key features to look for in an RMS software (cont.)

Comprehensive dashboard Integration with your tech stack Cloud-based

with key reports and insights
An RMS is not nearly as effective without Market demand is unpredictable and
Data is of no use unless it can be analyzed proper integration with your channel manager, needs to be monitored in real-time. Not
and interpreted for decision-making. An RMS PMS, CRM, and booking engine. Ideally, your only can you log in to monitor performance
should provide key reports that offer an easily RMS should be a part of a larger hospitality anywhere, any time, but a cloud-based
digestible snapshot of performance with solution designed to work together to conduct RMS provides better connectivity between
the option to dig deeper into the data. Your operations. Your systems need to be in constant systems and channels and offers regular
RMS should give insight into KPIs like RevPAR, communication to update rates across updates to maintain effectiveness.
TRevPAR, Room Nights Sold, ADR, Booking channels, report on occupancy, and provide
Sources, etc. data for forecasting. A provider with 24/7 support
Your room rates are the lifeblood of your
business and the number one revenue
driver. If you have a problem with your RMS,
you need a partner with support resources
available at all times to help get you back
on track.

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The Cloudbeds Pricing
Intelligence Engine (PIE)

The key to profitability within the hospitality industry

is effective revenue management. Say goodbye to
spreadsheets and manual processes,
and look for a revenue management system to take your
property’s revenue management strategy to the next level.

Cloudbeds’ Pricing Intelligence Engine (PIE) is an integrated

dynamic pricing tool designed to help hoteliers optimize
revenue and get ahead of the competition (or market) with
competitive rate tracking and automated occupancy-
driven price adjustments. As part of the Cloudbeds
Hospitality Platform, PIE integrates seamlessly with
Cloudbeds’ PMS, Booking Engine, Channel Manager, and
Marketplace partners.

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Cloudbeds is also
We hope you’ve enjoyed our series on Revenue
Management and can start implementing these tactics

proud to be an at your property as a way to increase your profits.

integration partner
As you can see, there are a number of ways hotel owners
can increase their revenue outside of more direct pricing

with leading revenue and revenue management strategies.

By far, the easiest way to manage your revenue is with a tool
management systems. designed specifically to help you with your revenue goals.

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